Bill Ackman's Pershing Square Builds New Stake In Amazon At 'Extremely Attractive' Price

Billionaire investor Bill Ackman's hedge fund, Pershing Square Capital Management, established a new position in Amazon.com, Inc. (NASDAQ:AMZN) after the stock dropped more than 30% earlier this year. 

The Details: Pershing Square chief investment officer Ryan Israel told analysts on a call Thursday that the firm acquired Amazon shares at an "extremely attractive" price, according to a Bloomberg report. 

Read Next: Solar Energy Stocks Drop As House Approves Major Rollback Of Climate Incentives

"This was a uniquely attractive time as we felt that the company would be able to work through any slowdown" in Amazon's cloud business, Israel said.

He added that Amazon is a "fantastic franchise"  and "well on its way" to delivering more than 20% earnings per share growth.                   

Amazon stock tumbled more than 30% following President Donald Trump's tariff announcements on "Liberation Day" in early April to a low of $167.32 on April 21. 

Amazon CEO Andy Jassy told shareholders on Wednesday that the company has not experienced any significant changes in consumer spending due to the tariffs. 

Jassy said, "We have not seen any attenuation of demand at this point," and added that there have been no "meaningful average selling price increases." 

AMZN Stock Price Action: Amazon shares ended Thursday's session up 0.98% at $203.10, according to data from Benzinga Pro. 

Read Next: 

• Wolfspeed Stock Plunges 59% On Bankruptcy Fears: Options Traders Cash In

Image created using artificial intelligence via Midjourney.